OFW remittances to hit $21 B in 2010?

The WB recently produced its “Migration and Remittances Factbook 2011” and it projected that remittances for overseas Filipino workers (OFWs) might reach $21.3 B this year. This was reported in this news story.

The world’s top remittances destination country in 2010 will be:

1. India, $55 billion

2. China, $51 billion

3. Mexico, $22.6 billion

4. Philippines, $21.3 billion

This projection of OFW remittances looks too big. Total remittances last year was only $17.35 B. Is it possible to have such a big jump of $4 B to reach $21.3 B this year? Looks too far out.

Nonetheless, OFW remittances will remain a major foreign exchange earner for the country and the family members of the workers abroad. This trend is not going to reverse anytime soon, unless government will impose new regulations that will discourage the outflow of more Filipinos seeking better opportunities abroad.